Market volatility notwithstanding, writes JPMorgan Chase CEO Jamie Dimon, consumers are spending 23% more than they were pre-COVID, and are sitting on $1.2 trillion of “excess cash” in their checking accounts.
Market volatility notwithstanding, writes Dimon, consumers are spending 23% more than they were pre-COVID, and are sitting on $1.2 trillion of “excess cash” in their checking accounts. Other positives he cites include:"10 years of home and stock price appreciation.""Businesses are pretty healthy and credit losses are extremely low," says Dimon, the CEO of America's largest bank.
The hurricane he talked of last year now appears to have been downgraded to "storm clouds," which may "peacefully and painlessly dissipate" — although of course, Dimon is at pains to say he's fully prepared for a bad outcome.“When one talks about risk for too long, it begins to cloud your judgment. Looking ahead, the positives are huge," writes Dimon.
"However events play out it, is likely that 20 years from now, America’s GDP will be more than twice the size it is today.”Dimon is betting on America. "My friend Warren Buffett points out that his company’s success is predicated upon the extraordinary conditions our country creates," he says. "He is right to say to his shareholders that when they see the American flag, they all should say thank you. We should, too."
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